Turks Invade Ukraine.
14 February 2008
The National Bank of Ukraine has granted permission to Turkey’s Finansbank to open a subsidiary in Ukraine. Finansbank with total assets of USD 14 bln ranks among the top five Turkish banks. Apart from Turkey, Finansbank has divisions in Belgium, Germany, the Netherlands, Russia, Romania, France and Switzerland. Concorde Capital: Finansbank is already the second foreign bank to enter the Ukrainian market this year (in January Russia’s Bank of Moscow opened a subsidiary). We expect another four or five global banking players to join the rush to set up shop in Ukraine in 2006 either by opening subsidiaries or by acquiring local banks.
